MIRA
INFORM REPORT
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Report Date : |
11.12.2013 |
IDENTIFICATION DETAILS
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Name : |
C.W.MACKIE PLC |
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Registered Office : |
# 36, D.R Wijewardena Mawatha, Colombo-10 |
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Country : |
Sri Lanka |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
01.02.1922 |
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Com. Reg. No.: |
PQ 47 |
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Legal Form : |
Public Limited Liability Company Quoted At The Colombo Stock
Exchange (In Operation) |
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Line of Business : |
Export of crepes, sole crepe & industrial crepe rubber, desiccated
coconut & spices, import & resale of light industrial products |
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No. of Employees : |
600 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Sri Lanka |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
SRI LANKA - ECONOMIC OVERVIEW
Sri Lanka continues to experience strong economic growth following the end of the 26-year conflict with the Liberation Tigers of Tamil Eelam (LTTE). The government has been pursuing large-scale reconstruction and development projects in its efforts to spur growth in war-torn and disadvantaged areas, develop small and medium enterprises and increase agricultural productivity. The government's high debt payments and bloated civil service have contributed to historically high budget deficits, but fiscal consolidation efforts and strong GDP growth in recent years have helped bring down the government's fiscal deficit. However, low tax revenues are a major concern. The 2008-09 global financial crisis and recession exposed Sri Lanka''s economic vulnerabilities and nearly caused a balance of payments crisis. Growth slowed to 3.5% in 2009. Economic activity rebounded with the end of the war and an IMF agreement, resulting in two straight years of 8% growth in 2010-11. Growth moderated to about 6% in 2012. Agriculture slowed due to a drought and weak global demand affected exports and trade. In early 2012, Sri Lanka floated the rupee, resulting in a sharp depreciation, and took steps to curb imports. A large trade deficit remains a concern. Strong remittances from Sri Lankan workers abroad have helped to offset the trade deficit
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Source : CIA |
GENERAL -
Basic information at a glance
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Name of Subject of Inquiry |
: |
C.W.MACKIE PLC |
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Legal Form & Status |
: |
Public Limited Liability Company quoted at the
Colombo Stock Exchange (In operation) |
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Chairman / CEO |
: |
W. T. Ellawala
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Primary Line of Business |
: |
Export of
crepes, sole crepe & industrial crepe rubber, desiccated coconut &
spices, import & resale of light industrial products |
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Head office & Place Of
Business |
: |
#
36, D R Wijewardena Mawatha Colombo-10. Sri
Lanka. Tel
No: (00 94 11) 242 3554 - 62 Fax
No: (00 94 11) 244 0228 Email:
info@cwmackie.com |
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No. of Employees |
: |
Approximately 600 |
COMPANY DETAILS - Registration and
Shareholder Details
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Registration No |
: |
PQ 47 |
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Date of
Registration |
: |
01st February 1922 |
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Registered
Office |
: |
# 36, D.R Wijewardena
Mawatha, Colombo-10 |
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Board Of
Directors As At 31st
March 2013 |
: |
W. T. Ellawala |
CEO/Chairman |
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C. R. Ranasinghe |
Director |
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A.M. de S. Jayaratne |
Director |
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R.C. Peris |
Director |
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Anushman Rajaratnam |
Director |
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S.D.R. Arudpragasam |
Director |
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Dr. T. Senthivel |
Director |
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H.D.S.
Amarasuriya |
Director |
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K.T.A. Mangala Perera |
Director |
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Alagarajah Rajaratnam |
Director |
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Auditors
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:
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KPMG Ford, Rhodes, Thornton
& Co.
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Company
Secretaries
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:
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Ms C R Ranasinghe
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Bankers |
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Hatton National
Bank Plc, Commercial Bank of Ceylon Plc, NDB Bank Plc, Standard Chartered
Bank Plc |
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Total No. of Issued Shares |
: |
35,988,556 |
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Issued Share
Capital |
: |
Rs.
507,047,000.00 |
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Nominal Value of
Share |
: |
Not applicable vide Companies Act #7 of 2007. |
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Major Share
Holders
As At 31st
March 2013 |
:
|
Major Share Holders |
No. of Shares |
|
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Lankem Ceylon
PLC |
12,267,526 |
|||
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Seylan Bank
PLC/Dr. T. Senthilverl |
10,765,575 |
|||
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Kotagala
Plantations PLC |
7,157,857 |
|||
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Pan Asia Banking
Corporation PLC/Lankem Ceylon PLC |
1,779,285 |
|||
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Amana Bank
Limited |
648,256 |
|||
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P. Anandarajah |
160,200 |
|||
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M. A. Lukmanjee |
155,000 |
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Navara Capital
Limited |
145,000 |
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FINANCIAL DETAILS - Most recent
available Financial Information
FINANCIAL DETAILS - Most recent available Financial Information
CURRENT INVESTIGATION
Company
Logo
History.
The Subject Company C. W. MACKIE PLC is a Public
Limited Liability Company incorporated on 01st February 1922, and
then became a quoted public limited liability company in 1995 under
registration number PQ 47.
The CW Mackie was founded in 1900 by the
late Mr C.W.Mackie a Scotsman, who carried on the enterprise as Merchants and
Commissions Agents under the name of ‘CW Mackie & Company’. In 1922, the
business was incorporated as a private limited company. In 1946, a consortium
of Ceylonese and Indian Businessman bought over the shares of the company and
converted it to a public company.
The year 1971 marked a significant change when Ceylon Trading Company
Limited, the Sri Lanka based subsidiary of Aarhus United A/S of Denmark, bought
a part of the Indian shareholding and took over the management of the company.
In late 1994, shares equivalent to 25% of the total shares in the company were
issued to the public so as to broad-base the ownership of and give the Company
greater access to the capital market of Sri Lanka to raise capital funds for
the future diversifications and expansions.
The Group consist of CW Mackie PLC and three subsidiary companies
engaged in a diversity of activities such as export of primary and manufactured
products, ranging from all types of natural rubber and coconut products to
rubber based products; import, manufacture and distribution of sugar; import
and resale of branded marine paints and protective coatings, welding equipment
and consumables, refrigeration and air-conditioning and light engineering
products.
The subject company
earlier known as C. W. Mackie
& Company Limited / C. W. Mackie & Company Plc, and then changed to C. W. MACKIE PLC
C. W. MACKIE PLC‘s Subsidiaries
Companies are,
·
Ceymac Rubber Company Limited
·
Ceytra (pvt) Ltd
·
Scan Tours & Travels (Pvt) Ltd
·
Location.
The Subject Company is located
at the client # 36, D.R Wijewardena
Mawatha, Colombo-10, Sri Lanka, a prominent business area.
·
Operations
Details.
General
C W.MACKIE PLC consists of the
following major businesses:
* Export Trading
- exporter in all grades of natural rubber,
including thin and thick pale latex crepe, thick brown crepe, ribbed smoked
sheet, white and coloured sole crepe, technically specified rubber (TSR grades)
and also speciality grades of natural rubber such as granulated crepe, ZOX crepe
and are also in a position to manufacture any speciality types of natural
rubber grades to cater to customers specific requirements
Trading
Division - importer and supplier of high quality fine granulated refined white
sugar.
Industrial
Products Division - import and sale of welding equipment and
consumables and light engineering products, refrigeration and air-conditioning
components and marine paints and protective coatings and manages several
agencies for world renowned brands such as Hempel marine paints, Eutectic,
Chosun, Danfoss and Migatronics, one of the major supporting factors to the
varied industries of Sri Lanka
Scan
Products Division - manufacturing, importing, marketing and
distribution of branded FMCG products specializing in the food and beverage
Brands
.Sunquick Fruit
Squash, Ovaltine, Star brand Essences & Colourings, Scan branded Bottled
Water, Scan Jumbo Peanuts, Ocean Fresh Tuna and Scan Jack Mackerel, Hempel,
Chosun, Mosa
Import Country
Thailand,
EU, Australia, Brazil, India, China
Export Country
Japan,
USA, China, India, UK, Europe, Pakistan & Middle Eastern Countries, Taiwan,
Hong Kong, South America and South Africa
No of Employees
Approximately
600
·
Financial
Data
Received from
subject company annual report
·
Trade
references
The subject company is having a large clientele in Sri Lanka and abroad.
This is a well known company in the business circle.
·
Credit Recommendations
No computerised data bases exist to make checks whether the
partners or the company has any legal action or lawsuit initiated against any
of them but informal (but not in-depth) checks do not indicate any such cases
in the public knowledge.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.20 |
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|
1 |
Rs.100.64 |
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Euro |
1 |
Rs.84.15 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation
is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.